Friday 6 November 2026 Export ZLAB’s income statement to Excel — free account

Zai Lab Limited Unsponsored ADR

Zai Lab Limited Unsponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $460.2 million, up 15.3% from fiscal 2024.

Revenue: −6.79%
EPS: −24.3%
Free cash flow: −95.5%
Total debt: +24.3%

Quarter to September 2026, against a year earlier

24.23 1.63 +7.21%

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Market cap: $2.6B
P/E: 0.0×
Fwd P/E: −10.0×
Dividend yield: —
F-score: 4/9
Altman Z: −0.24
Beneish M: −2.35
Dividend safety: n/a

Overview

Insider Decisions last twelve months

Bought, $m 0.07

Sold, $m 10.83

Trades a month
	Jan 26			Apr 26			Jul 26			Oct 26
Buy	—	—	—	1	—	—	—	1	—	—	—	—
Sell	2	—	—	9	10	3	5	—	3	—	—	—

Insider Ownership 6.15%

Capital & Financial Ratios $m

Size

Market Cap 2,550.00

Revenue ttm 441.73

Net income ttm (198.39)

Free cash flow ttm (196.89)

Net debt Q 252.37

Valuation

P/E 0.00

Forward P/E (9.99)

Price / sales 5.74

Forward P/S Powerpack

Price / FCF 0.00

Price / book 4.50

Financial health

Current ratio Q 2.04

Debt / equity Q 0.45

Interest coverage Q (39.94)

Growth

Revenue growth Q −6.79%

Operating income growth Q −29.00%

EPS, this year −35.02%

EPS, next year A +3.69%

Revenue, next year A −5.97%

EPS, past 5 yrs —

EPS, next 5 yrs A +4.59%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 14.69%

10-year low 10-year high

P/B against its own 10 years 61.53%

10-year low 10-year high

EV/Sales against its own 10 years 21.14%

10-year low 10-year high

Dividends

Yield: —
Annual rate: —
Payout ratio: —

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	806	880	790	—
Receivables	59	85	106	65
Inventory	45	40	75	85
Other	—	—	—	—
	940	1,050	1,019	864

	2023	2024	2025	Q'26
Payables	113	101	142	120
ST’ Debt	—	132	205	252
Other	83	59	64	46
	203	299	416	424

Compound Annual Growth %

	10y	5y	3y
Sales	—	56.54%	28.86%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	0.00%	(9.36%)	(11.88%)

Earnings Trends EPS, adjusted, against the consensus

Q1 FY26 Estimate −0.58 Actual −0.46

−0.62 −0.53 −0.43 −0.33 −0.24

Q2 FY25 Met 0.00

Q3 FY25 Miss −0.05

Q4 FY25 Miss −0.02

Q1 FY26 Beat +0.12

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q2 FY25	−0.37	−0.37	Met by 0.00
Q3 FY25	−0.28	−0.33	Miss by 0.05
Q4 FY25	−0.44	−0.46	Miss by 0.02
Q1 FY26	−0.58	−0.46	Beat by 0.12

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.46)	(0.46)	—	—	—
’25	(0.45)	(0.37)	(0.33)	(0.46)	(1.60)
’24	(0.55)	(0.82)	(0.42)	(0.80)	(2.60)
’23	(0.51)	(1.25)	(0.71)	(0.98)	(3.50)
’22	(0.86)	(1.44)	(1.68)	(0.65)	(4.63)
’21	(2.64)	(1.76)	(1.01)	(2.24)	(7.58)
’20	(0.66)	(1.47)	(0.84)	(0.88)	(3.46)

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	100	106	108	—	—
’25	106	110	116	128	460
’24	87	101	102	109	399
’23	63	69	69	66	267
’22	47	48	58	63	215
’21	20	37	43	44	144
’20	8	19	15	15	49

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(12)	(63)	(58)	—	—
’25	(62)	(31)	(32)	(26)	(151)
’24	(90)	(42)	(27)	(56)	(215)
’23	(69)	(59)	(55)	(15)	(198)
’22	(87)	(45)	(126)	(109)	(368)
’21	(169)	(66)	(161)	(153)	(549)
’20	(40)	(52)	(79)	(44)	(216)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(34)	(65)	(71)	—	—
’25	(66)	(35)	(36)	(27)	(164)
’24	(103)	(43)	(57)	(74)	(276)
’23	(73)	(51)	(53)	(16)	(193)
’22	(97)	(49)	(133)	(114)	(393)
’21	(171)	(70)	(167)	(159)	(568)
’20	(41)	(53)	(83)	(50)	(227)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Sep ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
Income, $m
Income, $m	Revenue	—	—	0	13	49	144	215	267	399	460	442		+221.7%	433	548	714	+15.7%
	Gross margin, %	0.00	0.00	66.67	71.13	65.82	63.80	65.58	64.08	62.94	58.47	0.00		+58.5 pt	Powerpack Zai Lab Limited Unsponsored ADR’s next three years, line by line Analysts expect revenue to grow 15.7% a year to 2028 — slower than the 221.7% of the last 7 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	(38)	(50)	(138)	(194)	(268)	(703)	(443)	(335)	(257)	(178)	(203)		+18.9%
	EBT margin, %	0.00	0.00	(107,355.04)	(1,496.49)	(546.97)	(487.43)	(206.04)	(125.46)	(64.44)	(38.78)	(45.90)		(38.8) pt
	Net income	(38)	(50)	(139)	(195)	(269)	(704)	(443)	(335)	(257)	(176)	(198)		+18.7%
Per share, $
Per share, $	Revenue	0.00	0.00	0.00	0.20	0.63	1.55	2.24	2.76	4.03	4.20	0.00		n/m
	Earnings	(3.97)	(2.32)	(2.64)	(3.03)	(3.46)	(7.58)	(4.63)	(3.50)	(2.60)	(1.60)	(1.71)		(9.6%)
	Cash flow	(3.41)	(1.49)	(1.85)	(2.97)	(2.78)	(5.91)	(3.84)	(2.05)	(2.17)	(1.38)	0.00		(9.6%)
	Capex	(0.24)	(0.42)	(0.19)	(0.24)	(0.14)	(0.20)	(0.26)	0.06	(0.62)	(0.12)	0.00		(7.1%)
	Free cash flow	(3.64)	(1.90)	(2.05)	(3.20)	(2.92)	(6.11)	(4.10)	(1.99)	(2.79)	(1.50)	0.00		(9.4%)
	Book value	(5.46)	10.81	4.77	4.58	15.06	14.84	10.91	8.24	8.50	6.53	0.00		n/m
	Shares, m	9	22	53	64	78	93	96	97	99	110	111		+31.3%
Valuation, ×
Valuation, ×	P/E	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00		0.0
	P/S	—	—	0.00	292.51	183.76	40.50	13.74	9.44	6.50	4.20	5.74		68.8
	P/B	—	—	0.00	13.05	8.99	4.24	2.83	3.16	3.08	2.70	4.50		4.8
	EV/Sales	—	—	0.00	272.01	163.10	30.78	9.08	6.44	4.62	2.93	4.68		61.1
	EV/FCF	—	—	1.27	(10.33)	(41.15)	(7.82)	(4.97)	(8.92)	(6.67)	(8.21)	(10.51)		(10.9)
Cash, $m
Cash, $m	Operating cash flow	(32)	(32)	(98)	(191)	(216)	(549)	(368)	(198)	(215)	(151)	(159)		+18.7%
	Capex	(2)	(9)	(10)	(15)	(11)	(19)	(25)	6	(61)	(13)	(38)		+22.0%
	Free cash flow	(34)	(41)	(108)	(206)	(227)	(568)	(393)	(193)	(276)	(164)	(197)		+19.0%
Balance, $m
Balance, $m	Working capital	79	219	220	246	1,118	1,308	984	737	751	603	440		+25.4%
	Net debt	(84)	(230)	(260)	(269)	(1,182)	(1,403)	(1,001)	(806)	(748)	(585)	252		+24.1%
	Shareholders’ equity	(52)	235	251	295	1,169	1,380	1,046	796	841	716	563		n/m
Returns, %
Returns, %	ROA	(72.95)	(29.77)	(50.42)	(59.37)	(32.54)	(48.46)	(31.33)	(29.66)	(23.14)	(14.89)	(18.18)		+58.1 pt
	ROIC	0.00	(582.83)	0.00	(504.40)	0.00	0.00	(572.08)	0.00	(189.71)	(109.92)	(21.32)		(109.9) pt
	ROE	107.30	(54.88)	(57.20)	(71.49)	(36.74)	(55.27)	(36.55)	(36.34)	(31.41)	(22.56)	(29.99)		(129.9) pt
People
People	Employees	52	88	309	692	1,194	1,951	2,036	2,175	1,869	1,784	—		+48.1%
	Revenue/emp, $m	0.00	0.00	0.00	0.02	0.04	0.07	0.11	0.12	0.21	0.26	—		n/m

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ADMA ADMA Biologics Inc	$3.0B	16.7×	14.0×	+5.12% (above 0%: growing)	+46.67% (above 0%: growing)	+1,709.49% (above 0%: growing)	70.81%	48.02%	Compare
ZLAB Zai Lab Limited Unsponsored ADR	$2.6B	— (loss-making)	— (loss-making)	−6.79% (below 0%: shrinking)	n/m	−95.46% (below 0%: shrinking)	0.00%	(58.20%)
XNCR Xencor, Inc.	$2.5B	— (loss-making)	— (loss-making)	+17.46% (above 0%: growing)	n/m	−52.91% (below 0%: shrinking)	100.00%	(72.37%)	Compare
RCUS Arcus Biosciences, Inc.	$2.5B	— (loss-making)	— (loss-making)	−65.38% (below 0%: shrinking)	n/m	+9.28% (above 0%: growing)	100.00%	(1,455.56%)	Compare
MBX MBX Biosciences, Inc.	$2.3B	— (loss-making)	—	—	n/m	−29.67% (below 0%: shrinking)	—	0.00%	Compare
PHVS Pharvaris N.V.	$2.3B	— (loss-making)	—	—	n/m	−17.31% (below 0%: shrinking)	0.00%	0.00%	Compare
NAMS NewAmsterdam Pharma Company N.V.	$2.3B	— (loss-making)	— (loss-making)	+5,406.90% (above 0%: growing)	n/m	−21.76% (below 0%: shrinking)	100.00%	(230.58%)	Compare
CLDX Celldex Therapeutics, Inc.	$2.2B	— (loss-making)	— (loss-making)	−96.83% (below 0%: shrinking)	n/m	−35.45% (below 0%: shrinking)	100.00%	(366,468.18%)	Compare
RXRX Recursion Pharmaceuticals, Inc.	$2.2B	— (loss-making)	— (loss-making)	+258.49% (above 0%: growing)	n/m	+33.83% (above 0%: growing)	45.85%	(663.95%)	Compare
Median of peers	$2.3B	—	—	+11.29%	—	−19.53%	100.00%	(151.47%)

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 28 April 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	10.68m	1.86m	13.03
2024	9.08m	12.07m	19.35
2023	12.04m	7.52m	20.19
2022	20.21m	739.60k	22.68
2021	15.32m	(30.50m)	46.44

Ownership

Directors and executive officers, together 4.88%

RTW Investments, LP 6.19%

RA Capital Management, L.P. 5.11%

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Zai Lab Limited Unsponsored ADR (ZLAB) Latest News

5 Nov

Impact 4 · 4:18 PM · The Motley Fool transcript

Zai Lab (ZLAB) Q3 2026 Earnings Call Transcript

Impact 3 · 9:00 AM · Business Wire

Zai Lab Presents Updated Clinical Data Demonstrating Zocilurtatug Pelitecan (Zoci) Induces Clinically Meaningful Responses and a Manageable Safety Profile in Previously Treated Extrapulmonary Neuroendocrine Carcinomas

Impact 3 · 6:30 AM · Business Wire

Zai Lab Announces Third Quarter 2026 Financial Results and Recent Corporate Updates

23 Oct

Impact 4 · 10:03 AM · MarketBeat

Zai Lab’s Zoci Shows 82% Response Rate in Early Lung Cancer Study

Impact 4 · 8:04 AM · PR Newswire

Zai Lab's Zocilurtatug Pelitecan (Zoci, Formerly ZL-1310) Demonstrates High Response Rates, Encouraging Durability and Well-Tolerated Safety Profile in First-Line Extensive-Stage Small Cell Lung Cancer

Impact 4 · 6:33 AM · Business Wire

Zai Lab’s Zocilurtatug Pelitecan (Zoci, Formerly ZL-1310) Demonstrates High Response Rates, Encouraging Durability and Well-Tolerated Safety Profile in First-Line Extensive-Stage Small Cell Lung Cancer

Impact 3 · 7:41 AM · MT Newswires

Zai Lab Says Zoci Plus Atezolizumab Improves Response Rate in Phase 1 Lung Cancer Trial

22 Oct

Impact 4 · 8:52 PM · Business Wire

Zai Lab Announces $250 Million Private Placement

21 Oct

Impact 3 · 7:30 AM · Business Wire

Zai Lab to Announce Third Quarter 2026 Financial Results and Recent Corporate Updates on November 5, 2026

14 Oct

Impact 4 · 7:00 AM · Business Wire

Zai Lab to Present Data From First Clinical Trial Evaluating ZL-1503, an IL-13/IL-31Rα Bispecific Antibody, for Atopic Diseases

3 Oct

Impact 4 · 11:09 PM · Simply Wall St.

Is Zai Lab (ZLAB) Cheap After Its ESMO 2026 Lung Cancer Data Update?

29 Sep

Impact 4 · 7:00 AM · Business Wire

Zai Lab to Present First Global Data from Clinical Trial Evaluating Zocilurtatug Pelitecan (Zoci) As First-Line Treatment for Extensive-Stage Small Cell Lung Cancer (ES-SCLC)

20 Aug

Impact 3 · 6:27 PM

Could argenx SE (ARGX)’s Global Scale Give it an Edge Over Zai Lab Limited American Depositary Shares (ZLAB)?

17 Aug

Impact 4 · 6:00 AM

Zai Lab and argenx Announce Positive Topline Results from Phase 3 ALKIVIA Trial of Efgartigimod in Autoimmune Myositis

13 Aug

Impact 3 · 9:58 AM · The Motley Fool transcript

Zai Lab (ZLAB) Q2 2026 Earnings Call Transcript

9 Aug

Impact 3 · 10:08 PM

Is Zai Lab’s (ZLAB) Rising Loss on Softer Revenue Reframing Its Investment-Led Growth Story?

Impact 3 · 1:09 PM

Zai Lab (ZLAB) Rebounds Following Earnings While Its Undervalued Narrative Faces A Fresh Test

7 Aug

Impact 3 · 5:04 PM · MarketBeat transcript

Zai Lab Q2 Earnings Call Highlights

6 Aug

Impact 4 · 3:03 PM transcript

Zai Lab Ltd (ZLAB) (Q2 2026) Earnings Call Highlights: Global Biopharma Inflection Point with U. ...

Impact 4 · 6:30 AM

Zai Lab Announces Second Quarter 2026 Financial Results and Recent Corporate Updates

3 Aug

Impact 4 · 7:00 AM

U.S. FDA Grants Orphan Drug Designation to Zai Lab’s DLL3-Targeting ADC Zocilurtatug Pelitecan (Zoci) for the Treatment of Neuroendocrine Carcinomas (NECs)

30 Jun

Impact 4 · 9:07 AM

Zai Lab Limited (ZLAB) Gains EMA Orphan Drug Designation for DLL3-Targeting Cancer Therapy

16 Jun

Impact 3 · 7:00 AM

Zai Lab Receives EMA Orphan Drug Designation for Zocilurtatug Pelitecan (Zoci) in Pulmonary Neuroendocrine Carcinomas

8 Jun

Impact 4 · 8:34 PM · Business Wire

Zai Lab Receives China NMPA Approval of TIVDAK® (tisotumab vedotin for injection) for the Treatment of Adult Patients with Recurrent or Metastatic Cervical Cancer

6 Jun

Impact 3 · 7:13 PM · Simply Wall St.

Zai Lab (ZLAB) Is Down 6.0% After Leadership Shake-Up And 2026 Data Focus Has The Bull Case Changed?

11 May

Impact 4 · 7:00 AM · Business Wire

Zai Lab Receives U.S. FDA Fast Track Designation for Zocilurtatug Pelitecan (Zoci), a DLL3-Targeting ADC, for Treatment of Extrapulmonary Neuroendocrine Carcinomas (epNECs)

Impact 3 · 9:58 AM · Simply Wall St.

Zai Lab Limited (NASDAQ:ZLAB) Analysts Are Cutting Their Estimates: Here's What You Need To Know

9 May

Impact 4 · 5:05 AM · MarketBeat

Zai Lab Q1 Earnings Call Highlights

7 May

Impact 4 · 9:30 AM · Zacks

Zai Lab Limited (ZLAB) Reports Q1 Earnings: What Key Metrics Have to Say

Impact 4 · 6:00 AM · Business Wire

Zai Lab Announces First Quarter 2026 Financial Results and Recent Corporate Updates

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

Zai Lab Limited Unsponsored ADR vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Pay and ownership Proxy statement filed 28 April 2026

Chief executive’s pay

Ownership

Zai Lab Limited Unsponsored ADR (ZLAB) Latest News

5 Nov

23 Oct

22 Oct

21 Oct

14 Oct

3 Oct

29 Sep

20 Aug

17 Aug

13 Aug

9 Aug

7 Aug

6 Aug

3 Aug

30 Jun

16 Jun

8 Jun

6 Jun

11 May

9 May

7 May

ZLAB metrics, ten years each

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